Credit Suisse Opens Wealth Management Business in Mumbai
Today, Credit Suisse announced the opening of its new wealth management business in Mumbai. This is an important milestone in the implementation of Credit Suisse’s international growth strategy, allowing the bank to deliver its integrated financial services to its clients in India locally.
With its Portfolio Manager License granted by the Securities and Exchange Board of India (SEBI) in January 2008, Credit Suisse will now be able to provide high net worth individuals as well as family-owned businesses and entrepreneurs locally with a comprehensive range of local and international investment products and services in response to strong demand for such products in India, including advice on capital raising, listings, and succession planning.
Mihir Doshi, Country Head for Credit Suisse in India, said: “Credit Suisse is highly committed to the Indian market and has been building its knowledge and understanding of the region for over ten years. Establishing a local wealth management business complements our existing investment banking and securities operations and will allow us to deliver the integrated bank to our clients in India.”
Rajan Sehgal, Market Leader India at Credit Suisse, added: “Building a wealth management presence in India further underlines our ongoing commitment to this important market. India is one of the fastest growing wealth management markets globally and the demand for advice on how to manage and optimize wealth is rising.”
Puneet Matta, Head of Wealth Management for Credit Suisse in India, said: “With its wealth management operations in India, Credit Suisse will now be able to provide high net worth individuals locally with a comprehensive range of investment products and services. Within the next three years, we aim to become one of India’s top three wealth management players.”
Credit Suisse is highly committed to continuously expanding local product and services offering in India, one of its core growth markets. The Indian market for wealthy individuals is already of significant size, with an annual growth-rate of 30 percent. The number of households with bankable assets over USD 1 million is expected to rise from 120,000 in 2007 to 300,000 in 2012. In the same period, total bankable assets in India are expected to reach more than USD 1 trillion.
Most recently, the bank launched its India brokerage operation and obtained a merchant banker license in India. Within the next three years, Credit Suisse will be opening offices in New Delhi and Bangalore. Furthermore, Credit Suisse has built dedicated teams across the major centers in Dubai, London, Singapore and Zurich, catering to the needs of Non-Resident Indian clients.
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